Types of Economies & More

Which type of economy is controlled by the government?

• Command
• Market
• Mixed
• Democratic

Which type of economy is run by the businesses & business owners?

• Command
• Mixed
• Communist
• Market

Under a command system, who owns the factors of production?

• Consumers
• Elders
• Government
• Businesses

Which type of economy is run by the businesses and business owners with no government involvement?

• Market

• Command

• Mixed

• Traditional

What type of economy does the United States have?

• Command

• Traditional

• Mixed

• Market

If I produce cereal but, the government has to check to make sure I can put this product on the market, what economic system is this?

• Market

• Command

• Mixed

• Traditional

A mixed economy combines the best parts of which other economies? ^{This question has two correct answers.}

• Market and Command

• Traditional and Market

• Command and Traditional

• Socialism and Capitalism

Which of the following was most likely said by an individual in a mixed economy?

• “I wish the government would allow me to start a business, too bad they own all the resources.”

• “My business can its sell goods to adults, but not to children.”

• “My government is awesome, they let me make all of my own decisions about what to produce.”

• “The only job I know how to do is weave baskets, my mother was a great teacher and taught me.”

Which of the following statements is true about economics?

• In both a command and traditional economy the economy is controlled by the government.

• In a market economy supply and demand is determined by the consumers, whereas in a command economy supply and demand is determined by the government

• In a traditional economy the government sets the prices of goods and therefore controls business, whereas in a command economy trading is the most practiced means of business.

• In a command economy supply and demand is determined by the consumers, whereas in a market economy supply and demand is determined by the government.

What is the equilibrium price of the video games?

• $30

• $20

• $10

• $40